Residential REITs: BofA’s 1Q26 Residential REIT Quarterly

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Residential REITs: BofA’s 1Q26 Residential REIT Quarterly

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Residential REITs

BofA’s 1Q26 Residential REIT Quarterly

Price Objective Change

Good 1Q results; Resi REITs hold guides into peak leasing 18 May 2026

Resi REITs posted a better than feared 1Q earnings season with 6 beats and 4 meets. All Equity

maintained guidance except for SUI, who raised FFO guidance by +0.6% to $6.97. Beats United States

during the quarter were primarily driven by lower expenses and larger than expected REITs

share buybacks. While Resi REITs posted beats and meets in 1Q, it is worth noting that

FY26 still screens as a below average year for FFO growth. Separately, apartment JanaResearchGalanAnalyst

management teams prefer to update full year outlooks after gaining more visibility into BofAS

peak leasing, which occurs with 2Q results. We expect investors to be focused on rent +1jana.galan@bofa.com646 855-5042

data near-term with hopes of mid-quarter updates at NAREIT in early June. Jeffrey Spector

Coastal strength persists; renewals drive revenue growth ResearchBofAS Analyst

+1 646 855 1363

Northern California and NYC continue to lead rent growth, while renewals remain the jeff.spector@bofa.com

primary driver of revenue growth outside those markets. Several operators are sending Tommy Lu

renewal offers at 5%+ into May and June, and retention has further exceeded historically Research Analyst

high levels set last year, supported by the relatively higher cost of owning. Sunbelt BofAS+1 646 855 0049

fundamentals appear to be improving, but at a slow pace. A key debate for the group is tommy.lu@bofa.com

whether rents revert to a typical seasonal curve, improving m/m through July, or repeat REITs Team

last year’s earlier peak.